MMI offers a wide variety of financial services to help improve your financial life. No matter what your financial situation, we can help you to establish an plan of action for achieving your financial goals.

In the largest consumer financial protection settlement in U.S. history, the nation’s five largest banks and mortgage servicers agreed to create to provide at least $25 billion in consumer relief, in addition to implementing new foreclosure servicing standards, as part of the National Mortgage Settlement.

Who will be eligible for help through the National Mortgage Settlement?

Homeowners needing loan modifications now. This includes first and second lien principal reducation. The mortgage servicers are required to put $17 billion of the funds toward principal reduction and other forms of loan modification relief.

Borrowers who are current, but underwater. Borrowers will be able to refinance at the current interest rates — which are at a historic low. Up to $3 billion of the settlement funds will be put toward refinancing relief nationwide.

Borrowers who lost their homes to foreclosure — with no requirement to prove financial harm and without having to release private claims against the servicers or the right to participate in the OCC review process. About $1.5 billion of the funds will be distributed nationwide to some 750,000 borrowers.

In addition, the new mortgage servicing standards will require better communication with borrowers, a single point of contact, adequate staffing levels and training, and appropriate standards for executing documents in foreclosure cases.

To learn more about the National Mortgage Settlement, and to view a list of Frequently Asked Questions, visit:

Comment(s)

Andrew Lopez says: June 28, 2012

Very valuable information...Thanks!

Brett says: July 05, 2012

I have been fighting with BOA since Aug 09. Month after month day after day now years after years to no resolution. They have put me so far in dept im beyond words. We have a 2yr old and instead of working with us to save our home they would rather do nothing kick us to the street and treat us like we dont exist. I go to sleep every night since Aug 2009 worried about how we are going to live where are we going to go. This is my worst nightmare. So much for the American dream, more like the American nightmare. Bank of America SUCKS.

Chester grice says: June 28, 2012

We got our April 23, 2012. made our first trial payment June 1 and our second one today. We got a $144K reduction and a payment about half of what we were paying. We are still nervous about a getting final approval after the third payment, but we have no other choice for now. If bank renegs on the deal do we have any federal recourse?

Christi brady says: June 28, 2012

I am hoping this relief will help some of us who are now at equity or below due to the drop in house prices. I would love to refinance but am too close to equity with the new appraisals coming in so low.

colleen says: June 28, 2012Website: maldonado

how do i apply for this

Cynthia Havens says: July 02, 2012

Did you have to purchase your home prior to a certain date to qualify for these monies that are being disbursed?

Elizabeth Profit says: June 28, 2012

Do we know when the funds will begin to be disbursed to those homeowners who have already lost their homes to foreclosure?

g says: July 03, 2012

Wells Fargo mortgage rep over the phone said, borrowers who modified under the hamp program have no other options. Is that correct? Even if income went down since and balance is higher than the market price.

gary rowland says: June 30, 2012

How do I know if I'm eligible for this?

Jeffrey Wells says: July 10, 2012

I am a veteran of the Iraq War currently on workmens compensation. Could I get help?

Be sure to check out the program's official site (linked above) for more details. It includes a rough timeline in addition to the points of contact for each state. We'll be sure to post more details as soon as we get them!

Jessica at MMI says: July 13, 2012

Unfortunately, due to the size and scope of this program, we have limited information at the moment. I would highly recommend visiting nationalmortgagesettlement.com, which is the official website for information regarding the National Mortgage Settlement. The site also includes contact information by state, as well as a rough timeline for the program. As soon as we have more specific information, we'll be sure to share it here. You can also follow us on Facebook and Twitter for updates!

Jf Guzman says: July 09, 2012

Who Qualifies and where can I Apply?

Maria Saia says: June 29, 2012

I have a negatiave amortization loan that adjusts in 1 1/2 years. I just would like to refinance at todays rate. I am also $100,000 underwater. I am not Fannie or Freddy Mac. Can anything be done for someone like me

Martha Howell says: June 30, 2012

My friend lost her home in foreclosure. Where should she apply for foreclosure settlement? The link does not work.

P Neal says: July 11, 2012

I am very much interested in this. Can you tell me how to apply or what information Is needed to apply and who qualifies. Thank You

Pam says: July 06, 2012Website: Money management

I am interested in this. Can you tell me how to apply or what information I need to do so. thanks

Richard says: June 28, 2012

I've filled for bankruptcy. Will I be eligible to refinance?

Sue says: July 16, 2012

This program does not address those who are behind on mortgage payments, got their loan from one of the lending institutions in question, but have not been foreclosed on, yet. Why?

William W says: June 28, 2012

This sounds to me like a typical government program whose high-sounding verbalese only benefits a few already wealthy patrons. Very little is indicated as to how common people like me can get help. Why not have an online form for us to fill out?

It´s an very interesting topic. Thanks for sharing these informations with us.
Have you got now any other informations? Or are they still the same? Because I know a lot of people who could need this kind of national mortgage settlement.
Thank you very much in advance.